The United States entered a recession in 1990, which lasted 8 months through March 1991. Although the recession was mild relative to other post-war recessions, it was characterized by a sluggish employment recovery, most commonly referred to as a jobless recovery. Unemployment continued to rise through June 1992, even though a positive economic growth rate had returned the previous year. The immediate causes of the recession were a generally weak economy and the 1990 oil price shock. July 1990 – March 1991 · 8 months Peak unemployment: 7.8% (June 1992) · GDP: −1.4% S&P 500: +4.8% over the recession After the lengthy peacetime expansion of the 1980s, inflation began to increase and the Federal Reserve responded by raising interest rates from 1986 to 1989. This weakened but did not stop growth, but some combination of the subsequent 1990 oil price shock, the debt accumulation of the 1980s, and growing consumer pessimism combined with the weakened economy to produce a brief recession. Dates: the National Bureau of Economic Research's business cycle chronology. Wiki link Wiki link